Genting Singapore

Which REIT will benefit from the transformation of Greater Southern Waterfront?

SINGAPORE (Aug 20): Singapore is pushing up its plans to transform the Greater Southern Waterfront (GSW) into the next trendy place to live, work and play.

First unveiled in March earlier this year, GSW will be redeveloped over the next five to 10 years, starting from the relocation of the PSA City Terminal in Tanjong Pagar to Tuas from 2027 onwards to help free up prime land.

Genting Singapore independent director Koh sells all his shares — as is his usual practice

SINGAPORE (May 20): Genting Singapore independent director Koh Seow Chuan has been a board member since 2008. However, judging from his past behaviour, the retired renowned architect prefers not to hold shares in the company. According to a May 13 filing with the stock exchange, Koh sold all his 125,000 shares on May 10. The shares were awarded to him less than three months ago as part of the company’s performance share scheme for its board of directors and employees.

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Genting Singapore posts 5% drop in 1Q earnings to $205.5 mil on lower gaming revenue

SINGAPORE (May 9): Genting Singapore (GENS) reported 1Q19 earnings fell 5% to $205.5 million from $217.2 million in 1Q18.

This came on the back of a 5% drop in revenue to $640.4 million from $675.1 million last year, mainly due the group’s gaming business in Resorts World Sentosa experiencing an 8% y-o-y drop in revenue to $430.2 million.

Genting Singapore inks new deal for $4.5 bil expansion of Resorts World Sentosa; exclusivity period for IR extended to end-2030

SINGAPORE (Apr 3): Genting Singapore is committing to an investment of some $4.5 billion for the expansion of the integrated resort (IR) at Resorts World Sentosa (RWS), which will see the property increase its gross floor area by approximately 50%.

In view of the substantial investment and to provide business certainty, the government has agreed to extend the exclusivity period for the two casinos at RWS and Marina Bay Sands to end-2030. Authorities add that no other casinos will be introduced during this period.

Genting Singapore's outlook unmarred by slight earnings disappointment, according to analysts

SINGAPORE (Feb 22): Maybank Kim Eng, OCBC Investment Research, RHB Research and CGS-CIMB Research are maintaining their “buy” calls on Genting Singapore (GENS) with the respective target prices of $1.26, $1.31, $1.22 and $1.28.  

Genting Singapore sees 4Q earnings rise 12% to $150 mil on higher visitors, hotel occupancy

SINGAPORE (Feb 21): Genting Singapore (GENS) announced earnings of $150.2 million for the 4Q ended Dec 2018, rising 12% y-o-y from its earnings of $134 million in 4Q17 due to higher revenue.

This brings the group’s earnings for the full year to $755.4 million, up 10% from $685.6 million in the previous year.

Genting Singapore kept at 'buy' with $1.23 target by RHB on stable earnings, market share gains

SINGAPORE (Feb 18): RHB Research is maintaining Genting Singapore at “buy” with target price of $1.23 on the back of stable casino earnings, market share gains and the company’s potential to tap into the Japan market, bolstered by its net cash balance of $2.9 billion.

In FY18, tourist arrivals into Singapore also hit a new high of 18.5 million vs 17.4 million in FY17, mainly driven by visitors from China, Indonesia and India, owing to strong travel demand and better flight connectivity.

Genting Singapore a likely winner this gaming earnings season, says UOB

SINGAPORE (Jan 28): UOB Kay Hian is maintaining “overweight” on gaming with a “buy” call on Genting Singapore (GENS) at a $1.38 target price, or 10 times 2019 EV/EBITDA, on the notion that the integrated resort (IR) operator’s share price could gain momentum on its bidding for Japan’s IR concessions.  

This comes as the research house expects GENS’s operational performance to outperform that of Marina Bay Sands (MBS), whose VIP and mass market gaming volume continued to deteriorate y-o-y over 4Q18.

Japan expansion, upgrade of Resorts World Sentosa keep Genting at 'buy' by RHB

SINGAPORE (Jan 16): RHB Reserch is maintaining its “buy” call on Genting Singapore with a target price of $1.23.

In a Wednesday report, RHB says, “We like Genting Singapore for its potential expansion into the Japan market and the upcoming reinvestment into Resorts World Sentosa (RWS), with more news flow expected in FY19.”

In 3Q18, the group reported a 46% increase in earnings to $210.4 million, which was resulted from its strategy to loosen the tap for VIP customers.

Time to place bets on Genting Singapore as stock is now looking cheap, says RHB

SINGAPORE (Nov 16): RHB Research is maintaining its “buy” rating on Genting Singapore with a lower target price of $1.23 compared to $1.42 previously after updating DCF assumptions and rolling over the valuation base year to FY19.

At the share price of 93 cents, RHB thinks the stock is undervalued as it is trading at a discount to its five-year EV/EBITDA average of 10 times.

The revised target price translates to an implied EV/EBITDA of 9 times, which the research house deems close to Genting Singapore’s historical average.

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